Warning about property from 1st Jan 2011...

debtinfo

It doesent mean that you ont be able to aquire the BI, just that you wont be able to until the 2 year 3 month point

Menolly_2

OK, so at 2 years 3 months, the OR or Trustee looks to see if the neg. equity situation still remains and then what? Have they said how much they would want the BR parties to pay for the BI if the property is still in neg. equity? What happens if it isn't (assuming property prices DO rise?). Could we still lose our home?
And if you are discharged after 1 year, how long then does the OR or Trustee stay involved????

debtinfo

ok, this is only my opinion as everything is in flux and it is difficult to pin down an exact answer, but by the way it is written i read it that if you are still in negative equity at 2 years 3 months then the OR will start on the paperwork to give the BI back to you without you having to pay anything at all..

If there is possitive equity then the price will be what the equity is worth.

Your home is at risk until it is given back to you by the OR, how much at risk depends on the circumstance of each individual.

The OR stays involved untill all maters are complete, however long that is.

debt_doctor

debtinfo wrote: »

ok, this is only my opinion as everything is in flux and it is difficult to pin down an exact answer, but by the way it is written i read it that if you are still in negative equity at 2 years 3 months then the OR will start on the paperwork to give the BI back to you without you having to pay anything at all..

If there is possitive equity then the price will be what the equity is worth.

Your home is at risk until it is given back to you by the OR, how much at risk depends on the circumstance of each individual.

The OR stays involved untill all maters are complete, however long that is.

I agree with that.

DD

tigerfeet2006

The other thing that strikes me is during the 2 years 3 months you can monitor your house price and set up a savings fund to help with buying back the equity if you think you may have equity come the time.

SteveABC

I am considering bankruptcy. If my home is in negative equity by only a small amount (around £1000), does this mean I can no longer get someone to buy the beneficial interest for £1. Does it mean that in 2 years and 3 months, if it returned to equity, the OR would force a sale anyway?

tigerfeet2006

SteveABC wrote: »

I am considering bankruptcy. If my home is in negative equity by only a small amount (around £1000), does this mean I can no longer get someone to buy the beneficial interest for £1. Does it mean that in 2 years and 3 months, if it returned to equity, the OR would force a sale anyway?

No, you won't be able to buy the OR's interest back until the 2 years 3 months. When the OR then looks at the house you will have the chance to buy the equity then.

As I pointed out in the post below yours it gives you achance to keep an eye on prices and making sure you have a fund to buy the equity back.

PennyLane37

Hello.... this is my first post on here.. so please be gentle.. I was declared BR in Nov 2010 and today had an an email from OR re: the new property changes as my property is in negative equity. I have been told that the OR will revisit the value of my property within the next 3 years....(quite a shock as was informed at my OR interview I could buy back the interest)

please can somebody tell me.. if my property raises in value and I am offered the BI at a higher price, am I able to (theoritically) able to try and save the funds to purchase this or will the money I save be taken away from me because its disposable income?

also if I am unable to save for this event, will I be forced to sell my home?

Thank you x

silvercar

please can somebody tell me.. if my property raises in value and I am offered the BI at a higher price, am I able to (theoritically) able to try and save the funds to purchase this or will the money I save be taken away from me because its disposable income?

Once you've agreed an IPA with the OR, you will only be required to pay the IPA each month. If that leaves you able to save anything it would be yours to keep. Of course, if your income changed you would have to notify the OR and your IPA may be adjusted.

Whether you can keep the house will I suspect depend on how the property value changes in the next two years. If property prices increase I doubt it would be possible to save much towards the BI.

PennyLane37

Thank you,

I imagine its different with each case, but when will I know if I have an IPA? and when does the 3 years start from ? the date of bankruptcy or the date of the order?

I apologise.. I find it all very confusing!